Oilfield Auction

India sweetens oil block bids with lease reform, arbitration freedom

Expanded definitions, arbitration rights and lease flexibility mark major policy shift as government tries to revive interest in nearly exhausted oil exploration blocks

Decoded: What does the Oilfields Bill 2024 mean for India's energy sector?

The Oilfields (Regulation and Development) Amendment Bill broadens the scope of mineral oils to include hydrocarbons such as crude oil, natural gas, petroleum, shale gas, oil etc

Trump administration set for its last auction of US oil drilling rights

Biden has said he would halt new oil and gas leases on federal lands and waters, but he has not laid out a method or timeline for realizing that goal

After receiving 50 bids, oilfield auction deadline deferred again

50 bids were received for the second round of auctions for DSF-II oil and gas assets

First oil from small field award in 4 months, says bid winner

In the recently concluded auctions for small oilfield discoveries, a key investor attraction was a block in the Cambay basin. It got 19 bids. The winner here, Dubai-based South Asia Consultancy FZE, only foreign entity to have player to get a block in this round, expects to start production within four months.It believes that from a minimal investment of Rs 100 crore for five to six wells, it could unearth oil reserves worth at least Rs 5,000 crore from the contract area --- CB/ONDSF/South Patan/2016. "We have got a very lucrative area for exploration. By government estimates, the block has 3.2 million barrels of oil, worth Rs 1,200 crore. But, our geologist found the potential to be four to five times higher, in the range of Rs 5,000 crore," said its managing director, D S Rajput. The company specialises in offshore and onshore drilling and workover sectors as a service provider; it is present in Iran. The block has two existing wells. "We expect to be the first player to start ...

ExxonMobil, BP, RIL likely to give oilfield auction a miss

The government should have ideally clubbed two or more fields into a single unit to improve bidding prospects, say sources